Saudi-Iraqi border crossing to reopen after 27 years

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Prince Faisal bin Khalid bin Sultan bin Abdulaziz, governor of the Northern Borders Province, receives Iraqi Ambassador to Saudi Arabia Rashidi Mahmoud Al-Ani. The ambassador received Iraqi pilgrims who arrived in the Kingdom via the Arar border crossing. (SPA)
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Updated 15 August 2017

Saudi-Iraqi border crossing to reopen after 27 years

JEDDAH: Al-Jadidah Arar border crossing between Saudi Arabia and Iraq, which has been closed for some 27 years, will soon reopen for trade following bilateral rapprochement, according to the Saudi Makkah Daily.
Iraqi pilgrims continued to use the crossing during the years of closure, while Saudi Arabia welcomed them and facilitated their pilgrimage.
In preparation for the crossing’s inauguration, the Saudi chargé d’affaires in Baghdad, Abdul Aziz Al-Shammari, and the Iraqi ambassador in Riyadh, Rashidi Mahmoud Al-Ani, visited the Saudi Northern Borders Province and met its Gov. Prince Faisal bin Khalid in his office.
They toured the crossing facilities and talked to officials from both countries as well as Iraqi pilgrims. Al-Shammari told reporters that the Iraqi side is keen to cooperate.

High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 2 min 51 sec ago

High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.